- Aptos Developers are Planning a $103 million token unlock. So, it will happen on the 12th of November, 2023.
- Many community members and traders are not happy with the new development.
The Aptos token unlock will be happening very soon, but not many private investors are optimistic about the new development. So, they believe they might be a sell-off due to the unlock.
Pessimism Around Aptos Token Unlock
- Aptos is one of the fastest-growing cryptocurrencies. So, the history of this cryptocurrency is actually the case of ex-Facebook employees coming together to create a new crypto project. Since creating this cryptocurrency, it continues to follow the path of many of its roadmaps. So, the most recent development surrounding this crypto project is the Aptos token unlock. The developers of this token want to unlock around 20 million Aptos tokens. So, this is according to data from TokenUnlocks.
- There’s an adverse reaction to the news of the Aptos token unlock, and there’s a reason for this. So, information shows that the Aptos token unlock is mainly for the team members and the original investors of the Aptos token. This is the first time the team members and investors will get a token unlock. So, since it is 20 million Aptos token unlock, that’s around 10.8 %of the circulating supply. The worth of the total tokens is around $103 million. Apparently, this is where many private investors aren’t happy.
- Opening a $103 million token mainly for team members and investors means an upcoming token liquidation. So, many of those team members and investors are most likely to sell off their holdings. This is causing outrage among private investors and community members. The Aptos token unlock will happen on the 12th of November, 2023. So, according to some holders under the post by TokenUnlocks, they recommend private investors to short $APT.
More Details About the Aptos Token Unlock
- According to more information from a research firm, The Tie, the upcoming event will bring a lot of liquidity to the crypto ecosystem. Furthermore, bringing liquidity to the network might be good or bad, as team members might decide to sell off their holdings.
- Another major takeaway from this upcoming event is that token unlocks will occur every month. Furthermore, the token unlock schedule will be on the same date as the monthly staking reward unlocks. According to The Tie, the developers of this token are in the business of consistently releasing tokens. So, there’s a consistent monthly release of around 4.62 million APT for community and foundation purposes.
Conclusion
Aptos is a crypto project that looks to be heading the right way. However, they made a recent decision which many traders and community members don’t like. They want to create a token unlock on the 12th of November, 2023, for mainly team members and investors. So, private investors of this token believe there will be a sell-off from the team members.
Featured image from Aptos
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company
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